The Pakistani rupee posted another modest gain against the US dollar on Tuesday, continuing its upward trend in the interbank market as the local currency closed at PKR 277.52 against the greenback.
According to market data, the rupee strengthened by 2.87 paisa from the previous session’s closing level of PKR 277.55 per dollar. During the day’s trading, the currency moved within a narrow range, touching an intraday high of PKR 277.60 and a low of PKR 277.50.
In the open market, exchange companies quoted the US dollar at PKR 277.50 for buying and PKR 278.55 for selling.
The rupee showed a mixed trend against other major international currencies.
It gained 10.30 paisa against the euro to settle at PKR 323.59, while it lost 15.51 paisa against the British pound, ending the session at PKR 378.42.
The local currency also performed well against several other currencies. It appreciated by 48.74 paisa against the Swiss franc to close at PKR 345.26. Against the Japanese yen, the rupee improved by 0.22 paisa to PKR 1.7403, while it edged up by 0.18 paisa against the Chinese yuan to settle at PKR 41.28.
The rupee also recorded small gains against Gulf currencies. It strengthened by 0.86 paisa against the Saudi riyal to close at PKR 73.92 and rose by 0.16 paisa against the UAE dirham, ending the day at PKR 75.56.
The local currency has maintained a positive trend so far this fiscal year, appreciating by 63.86 paisa, or 0.23 percent, against the US dollar. On a calendar year basis, it has gained PKR 2.60, reflecting an overall rise of 0.94 percent.
Meanwhile, activity in the money market remained steady, with the benchmark six-month Karachi Interbank Bid and Offer Rates (KIBOR) unchanged at 11.56 percent and 11.81 percent, respectively.